US sells 4-wk bills at high-rate 3.820%, B/C 3.02x; sells 8-wk bills at high-rate 3.920%, B/C 3.02x

The reads that matter are the bid-to-cover against its recent run-rate and the tail versus when-issued pricing; a cover near three is broadly typical for the front of the curve, where demand is anchored by money funds and bills trade as a pure function of the policy rate and settlement-date effects. The spread between the two tenors, roughly ten basis points here, is the more interesting detail: at these maturities that gap reflects where each bill matures relative to expected policy moves, debt-ceiling or tax-date distortions, and quarter-end rather than any credit consideration. Persistent softening in bill demand or a widening tail across several consecutive auctions has historically been the early tell for funding stress or reserve scarcity, not any single print. Worth noting is how the results sit against the prevailing bill curve and whether Treasury's announced auction sizes in coming weeks shift, since supply changes at the front end transmit directly into repo and the effective funds rate. Absent a deviation from trend, this is housekeeping.